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Following is the speech by the Chief Secretary for Administration, Mr Henry Tang, at the Hong Kong Reception organised by the Hong Kong Trade Development Council at the Consumer Electronics Show 2010 in Las Vegas, USA, yesterday (January 8, Las Vegas time):
Fred [Lam, Executive Director of TDC], Gary [Shapiro, CEO of Consumer Electronics Association], Distinguished Guests, Ladies and Gentlemen,
It is a pleasure to be here in the great city of Las Vegas.
Thank you Fred for your kind introduction.
It is especially pleasing to be here because Hong Kong has such a strong presence at this year's Consumer Electronics Show, or CES.
That tells us a number of important things. First, that Las Vegas is the place to be at this time of year for the electronics industry. Second, it highlights the importance of this industry to Hong Kong. And I hope it also means that the hard work we have all put in during the economic slump of the past year or so has paid off.
Small and medium enterprises, like many Hong Kong exhibitors here, are the backbone of the Hong Kong's economy and the Government has spared no effort in helping them weather the recent financial storm. I thank you all for your perseverance during these turbulent economic times.
There is no guarantee that the economic difficulties are behind us just yet, but the electronics industry is entering this new decade with confidence, creativity and ever increasing connectivity.
The global financial crisis has highlighted how closely interconnected we have become in this era of globalisation. What happens in one part of the world can affect us all.
For the electronics industry, globalisation has served to increase competition, reduce costs and promote creativity and innovation. At the same time we are increasingly reliant on each other to maintain the quality of products and provide the most effective related services.
This is where Hong Kong's strength lies.
In evolving from a manufacturing base to a services-oriented economy, Hong Kong has established itself as the preeminent gateway to the Mainland of China for overseas investors. And increasingly we are acting as the springboard for Mainland companies that have the ambition and capability to go global.
We provide world-class financial services as well as legal, logistics and after sales services. We maintain a low and simple tax system. Profits tax is 16.5 per cent and salaries tax is capped at 15 per cent. We have a free flow of capital, information and ideas, modern infrastructure and first class information technology.
All this makes Hong Kong an easy place for overseas companies, including US firms, to establish regional headquarters and offices in Asia with a view to spreading their wings into the Mainland and throughout the region.
Hong Kong's success is testament to the importance of providing a business-friendly environment and quality services that add value to the end product and ultimately ensure customer satisfaction.
Ladies and gentlemen, Hong Kong and Las Vegas both know what it takes to transform a barren landscape into a vibrant, diverse and modern cityscape.
Although we are in the Mojave Desert, this city is certainly plugged in to the latest developments in the electronics industry. It is also a great place for conventions and exhibitions. The enduring success of CES shows just how important it is for industry leaders to connect with each other, share ideas and discuss the newest innovations and trends.
I'm looking forward to touring the exhibition and seeing for myself the next generation of consumer electronics.
I wish you all a very successful Show and a prosperous year ahead.
Thank you.
Ends/Saturday, January 9, 2010
Issued at HKT 16:23
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